Kuda Bank is a full service digital only bank with its own stand alone banking license, making banking affordable for all Africans.
Launched in 2016 as lending platform Kudimoney, Kuda rebranded in June of last year and received a banking licence from the Central Bank of Nigeria (CBN) to launch a full service digital bank.
That regulatory approval made Kuda Nigeria’s first and only full-stack and mobile-first bank, and the startup raised a US$1.6 million funding round in September to complete its launch. The bank provides full banking services through its apps, allowing Nigerians to run a current account, save money, and earn annual interest.
Since its launch, Kuda has sought to trump traditional banking pitfalls with its services by offering banking solutions with no maintenance or service charges as is obtainable with traditional banking institutions, speedy loan disbursements, and more.
Kuda members receive a debit card, a spending and savings account, and an app that keeps them in control of their finances at all times. Kuda is offering free banking model instead and its benefits include: running predominantly on smartphones, charging a lot less than other banks to do insights, secure and reliable transactions.
Kuda does not charge a card maintenance fee, neither do they do SMS alert charges. For transfers, currently, each Kudabank user gets 25 free transfers every month forever, also Kuda Bank has other services such as loans for businesses, savings for its members amongst other.